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GBP/USD: technical analysis

Sergey Logachev

The pair has a downward trend, which faced a support at 1.3878. There’s a “Flag” pattern, so it's likely to see a decline towards a resistance area at 1.3681 until we've got any bullish reversal pattern.

The market has a local downward trend on the one-hour chart. The lower side of “Flag” was broken and the price started falling down towards a support at 1.3878. It's likely that the pair will go higher to a resistance area between the levels 1.3899 – 1.3931. However, the price might go to a new downward movement afterwards to a support area under the level 1.3681 until any reversal pattern arrives.